CoinDesk, a crypto news website is organizing “The Consensus Conference”, it is one of the biggest events which is sure to attract thousands of attendees. New York will be filled with cryptocurrency entrepreneurs and investors from around the world during the first three days of this weeks.
Bitcoin has risen by 80% since the start of this year, and it is the backdrop to this conference. The reason for this spurred is due to the keen interest of big companies in using blockchain technology and cryptocurrency.
JPMorgan, CEO openly slammed bitcoin as a fraud. However, earlier this year they announced they are launching their own cryptocurrency “JPM COIN”, which can be used for internal payments. Reports from the Wall Street Journal confirmed that Facebook is also working on its cryptocurrency secretly.
The conference also has a big corporate sponsors list, which indicates key interest in crypto companies from major financials such as Fidelity and Citi Bank. Even Tech giants such as IBM, Amazon, eBay, and Microsoft will be sending their representatives to speak in the conference.
The recovery in the Bitcoin’s price has been very beneficial for the sector as it resulted in the rise in interest and market value for cryptocurrency.
Bitcoin hit the market in 2017 when the price skyrocketed by 1800%. This price hike brought a lot of attention and speculation towards cryptocurrency, but it only went downhill from there. The classic Gartner hype cycle was completed with the mild rise in 2019, and its path may only be called as a trough of disillusionment.
Bitcoin current trading value is $7,000, which is far from the all-time $20,000 rise. However, it well above $3,255 low of last year. With the on-going conference, the price will only go up.